Seeking Alpha

Chevron downgraded, Oxy Petroleum upgraded at Morgan Stanley

  • Chevron (CVX -0.9%) is downgraded to Equal Weight from Overweight with a $135 price target at Morgan Stanley, which believes CVX's risk vs. reward has become more balanced in the near-term due to relatively flat production.
  • Looking ahead, however, the firm sees "relative outperformance" for the company over the next three years.
  • Replacing CVX as Stanley's top pick among oil majors is Occidental Petroleum (OXY -1.7%), which the firm upgrades to Overweight from Equal Weight with a $120 price target, up from $110.
  • OXY's restructuring will unfold in the next 12 months and drive upside to growth estimates and value, the firm says.
Comments (2)
  • Nick Mackintosh
    , contributor
    Comments (159) | Send Message
    I hope people bought after my article last week highlighting OXY :)
    4 Aug, 11:00 AM Reply Like
  • booroy2
    , contributor
    Comments (71) | Send Message
    Hey I'll take 135 any day while scooping up a great dividend! Quite frankly I think 140 -150 is more plausible!
    4 Aug, 10:06 PM Reply Like
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